12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Communicating Your Estate Planning Wishes to Your Heirs in Zip Code 91390

Communicating Your Estate Planning Wishes to Your Heirs in Zip Code 91390


If a man's character is to be abused, say what you will, there's nobody like a relative to do the business.
 
- William Makepeace Thackeray


Open communication from parents about their estate planning wishes gives children time to adjust their expectations and ask questions. Be open and honest about your intentions with your heirs.

Don't settle scores with a will

It can be a big mistake to favor one child over the others when you're leaving property, even if you're trying to correct past financial inequities. If you really feel that one child deserves something extra, rather than doing it in your will, consider doing it while you are still alive.

For example, if you paid for business school for your daughter and didn't give your son anything for his education, then you could give him a cash gift during your lifetime—perhaps a down payment on a house. If one child took care of you for 10 years in the family home and the others didn't help at all, then consider giving her a direct payment for the time invested—and explain to your other children at that time why you're doing it.


If you are determined to favor one or more of your children in your will, at least let all your kids know about your decision well in advance. This can be uncomfortable, but when the whole family knows what to expect, it can minimize hurt feelings down the road. Even discussing these decisions may cause hurt and anger, but it needs to be done so that the heirs get a chance to get some answers to their questions. They may not like the answer, but they'll at least understand why you did what you did. At the end of the day, it is your money and you should feel a need to apologize for any decision you make.

Include a note to the heirs

To make absolutely sure there are no misunderstandings, it's a good idea to write a brief letter to your children, to be read before the will. Explain why you made the decisions you did.


Consider paying taxes and funeral expenses with life insurance

Estate taxes, inheritance taxes, and funeral expenses can be a burden on your heirs. A great way to cover that cost is to take out a life insurance policy to pay these expenses.

If you are in a second marriage and you have grown children from the first marriage that you'd like to bequeath something to, you could leave them a set amount of money in the form of a life insurance policy. It's a great way to guarantee that your current family's lifestyle won't be disrupted, without forgetting the kids you had with your first wife or husband. Cash from a life insurance policy help to maintain the peace between the two families when the will is read.

Sell the vacation homes when you stop using them

Once you reach a certain age, you may find you're not really up to the long drive up to the vacation home any more. You may want to confer with the kids to see whether they actually want it. If not, the simplest thing to do is to sell it yourself.


Cash is king

That brings us to what may be the most controversial advice of all when leaving property: don't do it. If there is more than one child, coming up with a plan that's flexible enough to deal with life's twists and turns while keeping everyone happy is almost impossible. Making multiple children co-owners of a shared property can be messy.

Knowing that you loved them can be the best gift of all

 
Personalize & Print a Free CA Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free CA Power of Attorney Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Zip Code 91390
Temecula Debra Rice
42690 Rio Nedo Ste F
Temecula, CA 92590
(951) 444-9995
Attorneys Referral & Information Service, Attorneys
Family Legal Centers
42072 5th St # 302B
Temecula, CA 92590
(951) 445-9971
Paralegals, Legal Document Assistance, Attorneys
Duxbury, Marc A County Law Ctr
41877 Enterprise Cir N # 200
Temecula, CA 92590
(951) 587-9950
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Attorne
Holstrom, Sissung, Marks & Anderson, APLC.
28581 Front St. Old Town
Temecula, CA 92590
(951) 294-9940
Family Law Attorneys
Brown Kevin
27247 Madison Ave # 101
Temecula, CA 92590
(951) 587-9825
General Practice Attorneys, Attorneys
Kepler Laila J
43460 Ridge Park Dr # 200
Temecula, CA 92590
(951) 265-9716
Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Bergener & Associates
28599 Mercedes Street
Temecula, CA 92590
(951) 587-9439
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Whitaker, Richard A Advocates For Disability
400 Santa Clara St # 102
Vallejo, CA 94590
(707) 642-9438
Social Security & Disability Law Attorneys, Attorneys, Legal Service Plans, Labor & Employment Law A
Evans Diana P Law Clinic of
706 Tuolumne St
Vallejo, CA 94590
(707) 554-9400
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Legal Clinics,  Legal Service Plans,  Probate
Vega Bert M
506 Sacramento St
Vallejo, CA 94590
(707) 558-9379
Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Bankruptcy Law Attorneys,  Immi
Maynes Rodger
41530 Enterprise Cir S # 200
Temecula, CA 92590
(951) 296-9360
General Practice Attorneys, Attorneys, Legal Service Plans
Price Law Group
100 N Vincent Ave
West Covina, CA 91790
(818) 986-9266
Attorneys, Bankruptcy Services, Bankruptcy Law Attorneys
Bergener James
28670 Old Town Front St
Temecula, CA 92590
(951) 693-9240
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Moore Joanne
713 S Main St
Willits, CA 95490
(707) 459-9100
Attorneys, Legal Service Plans
A Aaron Associates
2408 Sonoma Blvd
Vallejo, CA 94590
(707) 553-9000
Paralegals, Attorneys, Family Law Attorneys, Divorce Attorneys, Notaries Public
John L. Michels Criminal Defense Attorney
41593 Winchester Rd Ste 200
Temecula, CA 92590
(951) 276-8900
Criminal Law Attorneys, Attorneys
John Stanko - Law Offices
312 Georgia St
Vallejo, CA 94590
(707) 642-8900
General Practice Attorneys, Attorneys, Legal Service Plans
Nancy Moffit
43533 Ridge Park Dr
Temecula, CA 92590
(951) 529-8836
Bankruptcy Law Attorneys, Legal Clinics, Legal Service Plans
Legal Action Workshop
100 N Vincent Ave
West Covina, CA 91790
(626) 915-8814
Divorce Attorneys, Family Law Attorneys, Attorneys
Gary Holt Attorney
27247 Madison Ave
Temecula, CA 92590
(951) 461-8681
Bankruptcy Law Attorneys,  Attorneys,  General Practice Attorneys,  Bankruptcy Services,  Legal Serv
Bradley R. Corbett
41593 Winchester Rd.
Temecula, CA 92590
(951) 732-8611
Attorneys Referral & Information Service,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Traffic La
Carim Charles Law Offices
43460 Ridge Park Dr
Temecula, CA 92590
(951) 719-8460
General Practice Attorneys, Attorneys, Legal Service Plans
O'connell John P
43434 Business Park Dr
Temecula, CA 92590
(951) 587-8390
Tax Attorneys,  Attorneys,  Corporation & Partnership Law Attorneys,  Business Law Attorneys,  Legal
Sides Clay R Law Offices
41950 6th St
Temecula, CA 92590
(951) 676-7866
General Practice Attorneys,  Attorneys Referral & Information Service,  Attorneys,  Legal Service Pl
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US